Word: slowdowns
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...rising prison populations. So states, he thinks, will have to either cut other services or raise taxes again, or both. Vermont Governor Howard Dean, chairman of the National Governors Association, thinks momentarily flush states should put money into contingency funds to cushion the effects of the inevitable next slowdown. "But the legislators can't keep their hands off," he laments. His legislature, against liberal resistance, brought taxes back down to pre-1991 levels, forcing Dean to "cut ((spending on)) all kinds of things from education to welfare" -- an indication of how difficult tax-cut pressure is to resist...
Meanwhile, the separate bitter dispute between Los Angeles and its police force over new contract terms intensified when hundreds of L.A. police staged a slowdown by calling in sick...
Although leaders of AT&T, General Motors and other corporate giants expressed little fear of a slowdown during a business conference last week, higher interest rates have already begun to hurt some industries. With the Fed's moves helping to drive the interest on 30-year, fixed-rate home mortgages from 6.7% in October to 8.7%, builders have lowered their estimates for 1994 housing starts by 4%. At the same time, the flood of mortgage refinancings that put hundreds of millions of dollars in homeowners' pockets has all but dried up, closing off a valuable source of extra cash...
...proposal has kinks as well. Gabay sayshe believes a high turnover in February would slowdown whatever momentum had been picked up by thecouncil in the fall...
Behind the slowdown lie aggressive steps by several states including Maryland, Oregon and Florida to contain medical costs. Many private companies are taking their own measures. Typical is Intel, the microchip manufacturer, which suffered 20% annual increases in health-insurance premiums until the introduction of a managed-care program in 1990 that covers 20,000 U.S. employees. Now costs are edging up only 5% a year...